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SoC. SEC. TAX TAX TAX TAX L00 636.00 18.00 39.43 9.22 6.3 17.00 39.99 9.35 22.5 13.00 27.28 6.38 15.4 55.00 38.87 9.09 21.9 10.00 30.63 7.16 17.2 105.00 59.52 19.72 47.6 1.00 20.09 4.70 11.3 24.00 34.10 7.98 19.2

SoC. SEC. TAX TAX TAX TAX L00 636.00 18.00 39.43 9.22 6.3 17.00 39.99 9.35 22.5 13.00 27.28 6.38 15.4 55.00 38.87 9.09 21.9 10.00 30.63 7.16 17.2 105.00 59.52 19.72 47.6 1.00 20.09 4.70 11.3 24.00 34.10 7.98 19.2

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 7RE: Wallace Corporation summarizes the following information from its weekly payroll records during...
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PAYROLL REGISTER FOR THE PERIOD ENDED EARNINGS TAXABLE EARNINGS DEDUCTIONS STATE NO. MARIT. CUM. UNEMPL. FED. INC. soc. SEC. MEDICARE INCOME HEALTH CREDIT NAME ALLOW. STATUS REGULAR OVERTIME ТОTAL ТОTAL COMP. SoC. SEC. TAX TAX TAX TAX INSUR. UNION 1 James Berling 3 M 480.00 636.00 25,161.00 636.00 636.00 18.00 39.43 9.22 6.36 12.00 149. 2 M 17.00 39.99 9.35 22.58 5.00 117.0 Goetz, Ken 3 M 13.00 27.28 6.38 15.40 5.00 91.3 4 Menick, Judd 4 S 55.00 38.87 9.09 21.95 5.00 126.5 Morales, Eva 5 M 10.00 30.63 7.16 17.29 5.00 117.0 Heimbrock, Ja 6 M 105.00 59.52 19.72 47.60 5.00 154.2 7 7 M 1.00 20.09 4.70 11.34 5.00 83.0 8 M 24.00 34.10 7.98 19.25 5.00 130.0 9 M 5.00 27.28 6.38 15.40 5.00 88.0 10 10 M 33.04 7.74 18.67 5.00 128.9 11 11 S 64.00 42.72 9.99 24.12 5.00 139.1 12 319.00 393.74 97.89 236.28 55.00 1,324.7
Transcribed Image Text:PAYROLL REGISTER FOR THE PERIOD ENDED EARNINGS TAXABLE EARNINGS DEDUCTIONS STATE NO. MARIT. CUM. UNEMPL. FED. INC. soc. SEC. MEDICARE INCOME HEALTH CREDIT NAME ALLOW. STATUS REGULAR OVERTIME ТОTAL ТОTAL COMP. SoC. SEC. TAX TAX TAX TAX INSUR. UNION 1 James Berling 3 M 480.00 636.00 25,161.00 636.00 636.00 18.00 39.43 9.22 6.36 12.00 149. 2 M 17.00 39.99 9.35 22.58 5.00 117.0 Goetz, Ken 3 M 13.00 27.28 6.38 15.40 5.00 91.3 4 Menick, Judd 4 S 55.00 38.87 9.09 21.95 5.00 126.5 Morales, Eva 5 M 10.00 30.63 7.16 17.29 5.00 117.0 Heimbrock, Ja 6 M 105.00 59.52 19.72 47.60 5.00 154.2 7 7 M 1.00 20.09 4.70 11.34 5.00 83.0 8 M 24.00 34.10 7.98 19.25 5.00 130.0 9 M 5.00 27.28 6.38 15.40 5.00 88.0 10 10 M 33.04 7.74 18.67 5.00 128.9 11 11 S 64.00 42.72 9.99 24.12 5.00 139.1 12 319.00 393.74 97.89 236.28 55.00 1,324.7
2. Assuming that the wages for the week ended November 18 were paid on November 21, prepare the journal entry for the payment of this payroll. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Nov. 21 Wages and Salaries Expense 6,750.50 2 Employee Federal Income Tax Payable 319.00 Social Security Tax Payable 393.74 3 Medicare Tax Payable 97.89 Health Insurance Premiums Payable 55.00 5 State Income Tax Payable 236.28 Credit Union Payable 1,324.76 7 8 Cash 4,323.83 4-
Transcribed Image Text:2. Assuming that the wages for the week ended November 18 were paid on November 21, prepare the journal entry for the payment of this payroll. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Nov. 21 Wages and Salaries Expense 6,750.50 2 Employee Federal Income Tax Payable 319.00 Social Security Tax Payable 393.74 3 Medicare Tax Payable 97.89 Health Insurance Premiums Payable 55.00 5 State Income Tax Payable 236.28 Credit Union Payable 1,324.76 7 8 Cash 4,323.83 4-
EMPLOYEE EARNINGS RECORD FOR THE PERIOD ENDED November 21 20-- EARNINGS TAXABLE EARNINGS DEDUCTIONS 20-- STATE PERIOD CUM. UNEMPL. FED INC. soc. SEC. MEDICARE INCOME HEALTH CREDIT ENDED REGULAR OVERTIME ТОTAL ТОTAL СOMP. soc. SEC. ТАX ТАX ТАХ ТАX INSUR. UNION ТОTAL CK. NO. AMOU 11/4 330.00 33.00 363.00 6,145.50 363.00 363.00 22.51 5.26 12.71 12 72.60 125.08 121 237.9 11/11 440.00 49.50 489.50 6,635.00 489.50 489.50 11.00 30.35 7.10 17.13 12 97.90 175.49 229 314.0 11/18 11/25
Transcribed Image Text:EMPLOYEE EARNINGS RECORD FOR THE PERIOD ENDED November 21 20-- EARNINGS TAXABLE EARNINGS DEDUCTIONS 20-- STATE PERIOD CUM. UNEMPL. FED INC. soc. SEC. MEDICARE INCOME HEALTH CREDIT ENDED REGULAR OVERTIME ТОTAL ТОTAL СOMP. soc. SEC. ТАX ТАX ТАХ ТАX INSUR. UNION ТОTAL CK. NO. AMOU 11/4 330.00 33.00 363.00 6,145.50 363.00 363.00 22.51 5.26 12.71 12 72.60 125.08 121 237.9 11/11 440.00 49.50 489.50 6,635.00 489.50 489.50 11.00 30.35 7.10 17.13 12 97.90 175.49 229 314.0 11/18 11/25
20-- CREDIT UNION ТОTAL NET PAY CK. NO. 149.6 234.61 401.39 331 1 117.00 210.92 434.08 332 2 91.30 158.36 281.64 333 126.50 256.41 370.59 334 4 117.05 187.13 306.87 335 5 154.25 391.09 968.91 336 6 83.05 125.18 198.82 337 7 130.00 220.33 329.67 338 8 88.00 147.06 292.94 339 9. 128.90 193.39 340.11 340 10 139.11 284.94 404.06 341 11 1,324.76 2,426.67 4,323.83 12
Transcribed Image Text:20-- CREDIT UNION ТОTAL NET PAY CK. NO. 149.6 234.61 401.39 331 1 117.00 210.92 434.08 332 2 91.30 158.36 281.64 333 126.50 256.41 370.59 334 4 117.05 187.13 306.87 335 5 154.25 391.09 968.91 336 6 83.05 125.18 198.82 337 7 130.00 220.33 329.67 338 8 88.00 147.06 292.94 339 9. 128.90 193.39 340.11 340 10 139.11 284.94 404.06 341 11 1,324.76 2,426.67 4,323.83 12
Abigail Trenkamp owns and operates the Trenkamp Collection Agency. Listed below are the name, number of allowances claimed, marital status, information from time cards on hours worked each day, and the hourly rate of each employee. All hours worked in excess of 40 hours for Monday through Friday are paid at 12 times the regular rate. All weekend hours are paid at double the regular rate. Trenkamp uses a weekly federal income tax withholding table. Social Security tax is withheld at the rate of 6.2% for the first $128,400 earned. Medicare tax is withheld at 1.45% and state income tax at 3.5%. Each employee has $12 withheld for health insurance. All employees use payroll deduction to the credit union for varying amounts as listed.
Transcribed Image Text:Abigail Trenkamp owns and operates the Trenkamp Collection Agency. Listed below are the name, number of allowances claimed, marital status, information from time cards on hours worked each day, and the hourly rate of each employee. All hours worked in excess of 40 hours for Monday through Friday are paid at 12 times the regular rate. All weekend hours are paid at double the regular rate. Trenkamp uses a weekly federal income tax withholding table. Social Security tax is withheld at the rate of 6.2% for the first $128,400 earned. Medicare tax is withheld at 1.45% and state income tax at 3.5%. Each employee has $12 withheld for health insurance. All employees use payroll deduction to the credit union for varying amounts as listed.
Trenkamp Collection Agency Payroll Information for the Week Ended November 18, 20-- Employee No of Marital Hours Worked Hourly Credit Union Total Earnings Name No. Allow. Status S S M T WTF Rate Deposit 1/1–11/11 Berling, James 1 3 8 8 9 10 $12 $149.60 $24,525 Merz, Linda 2 4 M 8 8 8 8 10 15 117.00 30,480 Goetz, Ken 2 M 0 0 6 7 8 9 10 13 91.30 23,400 Menick, Judd 4 2 8 8 00 8 8 9 13 126.50 26,325 Morales, Eva 5 3 M 0 0 8 6 8 13 117.05 24,730 Heimbrock, Jacob 6 0 8 8 8 8 4 42 154.25 127,440 Townsley, Sarah 7 2 4 6 6 6 4 12 83.05 21,425 Salzman, Beth 8 M 6 2 8 8 6 6 11 130.00 6,635 Layton, Esther 9. 3 M 0 0 8 8 8 8 8 11 88.00 5,635 Thompson, David 10 M 0 2 10 9 7 7 10 14 128.90 25,830 Vadillo, Carmen 11 S 8 0 4 8 8 8 9 13 139.11 24,115 20 ㅇ 8 ㅇㅇㅇ 2 020
Transcribed Image Text:Trenkamp Collection Agency Payroll Information for the Week Ended November 18, 20-- Employee No of Marital Hours Worked Hourly Credit Union Total Earnings Name No. Allow. Status S S M T WTF Rate Deposit 1/1–11/11 Berling, James 1 3 8 8 9 10 $12 $149.60 $24,525 Merz, Linda 2 4 M 8 8 8 8 10 15 117.00 30,480 Goetz, Ken 2 M 0 0 6 7 8 9 10 13 91.30 23,400 Menick, Judd 4 2 8 8 00 8 8 9 13 126.50 26,325 Morales, Eva 5 3 M 0 0 8 6 8 13 117.05 24,730 Heimbrock, Jacob 6 0 8 8 8 8 4 42 154.25 127,440 Townsley, Sarah 7 2 4 6 6 6 4 12 83.05 21,425 Salzman, Beth 8 M 6 2 8 8 6 6 11 130.00 6,635 Layton, Esther 9. 3 M 0 0 8 8 8 8 8 11 88.00 5,635 Thompson, David 10 M 0 2 10 9 7 7 10 14 128.90 25,830 Vadillo, Carmen 11 S 8 0 4 8 8 8 9 13 139.11 24,115 20 ㅇ 8 ㅇㅇㅇ 2 020
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